Foreigner Buying House

Ask here about the pleasures and pitfalls of buying, selling or renting property and real estate in Hua Hin. Building, design and construction topics welcome. Commercial or promotional posts for real estate companies or private properties are forbidden.
Jaz
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Foreigner Buying House

Post by Jaz »

Any advise for a foreigner owing property, what are the procedures and things to look out for?
Any recommended area and reputable developers?
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hhfarang
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Re: Foreigner Buying House

Post by hhfarang »

You cannot own land. You have four options, buy a condo in a building that is 51% Thai owned, buy a house in a Thai's name, in a company name that is 51% Thai owned, or lease the land for 30 years. That's it; all the legal options I know of. You can get taken easily in any of these options except the condo which is the only safe home for a foreigner to own here imho.

If you buy in a Thai's name, the Thai can take your land
If you buy in a company name, you have to own a company (49% only) and pay taxes on earnings
If you lease, there is no legal garantee that you will not lose the property after 30 years.

People, especially builders and real estate agents will tell you creative ways to get around the law but they are not strictly legal and you could lose everything if the government decides you are owning land illegally.
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christopher1
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Re: Foreigner Buying House

Post by christopher1 »

Wise words from hhfarang.
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Re: Foreigner Buying House

Post by HHTel »

I think you'll find that a foreigner can own the house and buildings but not the land.
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JamesWest
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Re: Foreigner Buying House

Post by JamesWest »

so I am riding my scooter out in the country with with weeks girlfriend...
I stop to look at this nice house that was for sale.
I say to the real estate agent too bad I can't buy this house.
He says "no problem just put the land in your girlfriends name..."
which reminded me of the old joke...
"Why get married? Just find a woman you hate and buy her a house"
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Jaz
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Re: Foreigner Buying House

Post by Jaz »

Thanks hhfarang.
Do you know any foreigner on the leasing term of the houses?
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J.J.B.
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Re: Foreigner Buying House

Post by J.J.B. »

Jaz, I recommend you contact the lawyers, Chavalit and Partners, whose details are on this forum and talk through your options with them.
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Re: Foreigner Buying House

Post by Spitfire »

Jaz wrote:Any advise for a foreigner owing property
As said by others, you can't own the land......condo is the only safe option. Unless it's a condo, I would advise you not even thinking about it until you have lived here a good few years and decided you are staying long term having met a decent partner that you know well and have a reasonable chance of staying together (even then...see final line of post).

If I was going to buy a house some place like Hua Hin then I would buy it somewhere that has a high easy re-sell factor should you decide to move on or if something happens (in a gated estate would be an example...or buy in a normal estate that a Thai family might want to buy a house in).

Jaz wrote:.....things to look out for?
Lies, dishonesty and bullshit (no such thing as too much research or asking too many questions).

Jaz wrote:Any recommended area....
That is for you to investigate and find somewhere you are comfortable with which suits your pocket and future possible financial status.

Jaz wrote:.....and reputable developers?
Almost verging on an oxymoron. If it were me, then I'd start with some of the sponsors of the property section on the forum....might be your best place to start.

As far as this subject (and many others here) is concerned, don't spend anymore money than you can comfortable walk away from and not be too gutted as things can go 'tits-up' for anyone in lots of ways in this beguiling land.
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Jaz
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Re: Foreigner Buying House

Post by Jaz »

Appreciate all for the advice.
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Re: Foreigner Buying House

Post by JW »

Hi Jaz,

Best advice there was to speak to Chavalit.
Condos are expensive and you can get much more value with a house, so long as your handle your legals correctly it works fine.

JW
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hhfarang
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Re: Foreigner Buying House

Post by hhfarang »

And if you decide to buy a house make sure to do enough research on your developer and any others involved in the building, purchase, or (company) ownership, development infrastructure ownership, and lessor of your home.

http://casewatchasia.blogspot.com/2014/ ... kanya.html
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Nereus
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Re: Foreigner Buying House

Post by Nereus »

Hmm, they are very progressive in Pattaya, able to get things done in the future!
Pattaya , 6th November 2014

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STEVE G
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Re: Foreigner Buying House

Post by STEVE G »

Another story of property ownership in Thailand going badly wrong:

Eviction threat for Australians who put life savings into Thai dream homes
http://www.theage.com.au/world/eviction ... 1u7a1.html
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Re: Foreigner Buying House

Post by migrant »

There are similar mechanic lien laws here in the states. If you hire a builder and they don't pay the materials, even if you paid the builder, the material supply company can take the house. The homeowner can pay the materials (again) if they want and sue the builder.

A buyer must be sure to get releases from the material house that they were paid to ensure this doesn't happen
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hhfarang
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Re: Foreigner Buying House

Post by hhfarang »

STEVE G wrote:Another story of property ownership in Thailand going badly wrong:

Eviction threat for Australians who put life savings into Thai dream homes
http://www.theage.com.au/world/eviction ... 1u7a1.html
Best advice there was to speak to Chavalit.
Condos are expensive and you can get much more value with a house, so long as your handle your legals correctly it works fine.
Sounds like the people in the above article did all the due diligence and hired lawyers and still got burned. Again, don't listen to advice from people who have a vested interest in the real estate business. The only safe option for a foreigner is a condo, period.
My brain is like an Internet browser; 12 tabs are open and 5 of them are not responding, there's a GIF playing in an endless loop,... and where is that annoying music coming from?
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